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Abraaj names new CEO as deal closes
Tom Speechley, senior partner at Abraaj Capital, has been appointed chief executive of Aureos Capital and will manage the firm's small and mid-cap assets
July 24, 2012 3:09 by Reuters
Abraaj Capital, the Middle East‘s largest private equity firm, closed its acquisition of UK-based Aureos Capital, it said on Tuesday, and appointed a new chief executive for the specialist fund manager.
Abraaj struck a deal to buy the emerging market fund manager in February, creating an entity with approximately $7.5 billion in assets under management. Financial terms were not disclosed.
The Dubai-based firm said Tom Speechley, senior partner at Abraaj Capital, has been appointed chief executive of Aureos Capital and will manage the firm’s small and mid-cap assets, the statement said.
Aureos manages assets of $1.3 billion and provides expansion and buyout funding to small and medium-sized businesses in Asia, Africa and Latin America. Its chief executive Sev Vettivetpillai will now be the executive chairman of the company, Abraaj said. (Reporting by Praveen Menon; Editing by Amran Abocar)